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La Tasca 'considering new offer'
11:50am Thursday 29th March 2007
Comments (3)A multi-million pound bidding war has broken out for La Tasca, the Bolton-based Spanish themed restaurant chain.
After yesterday's announcement that the board of La Tasca had recommended an offer of 185p per share from the Tragus Group, owner of the Cafe Rouge and Bella Italia restaurant chains, Kaupthing, the Icelandic bank working in tandem with Robert Tchenguiz's R20 investment vehicle, has announced that it is to offer 188p a share for the company.
The new offer values La Tasca at £98.6 million.
Mr Tchenguiz, an Iraqi property tycoon who bought Yates Group, the former Bolton pub and bar chain for £202 million in 2005, said: "We believe that this offer represents an excellent opportunity for La Tasca shareholders to sell their La Tasca Shares at an attractive cash price and we look forward to working with La Tasca management and employees in the near future."
The La Tasca board said it was aware of the new offer and was considering its position.
Shares in La Tasca immediately jumped on news of the new bid, climbing to 190p from Wednesday's closing price of 183p.
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mark the h, bolton says...
1:36pm Thu 29 Mar 07